I'm a buyer under contract to purchase a short sale - Ocwen holds the loan. The listing agent and 3rd party negotiator (They work at the same company, which the seller owns- I know, shady) refuse to send my realtor any proof that they've even contacted Ocwen, submitted the application etc. It's been 60 days since they claim they submitted the offer to the bank. They claim the bank has ordered a BPO, but refuse to show us anything in writing because they "just talk to them on the phone."
Is it possible to contact the bank and see if they're actually working on this or if they're jerking us around?
Tags:
Has your agent ever engaged in a short sale before? It will usually take take about three months on a single loan before you get approval from Ocwen and it will be verifiable via short sale letter from Ocwen. Until you receive this letter from Ocwen, I would say that there is no real proof that the listing agent is engaging in the short sale, as what happens is that Ocwen has you fax or email the short sale package to their short sale dept. Once they receive it they call the listing agent, or the listing agent can call Ocwen to keep "spot" checking to see what is missing from the file. It is all verbal with Ocwen, nothing written until they produce the short sale letter. If you or your agent call Ocwen they will not talk to you as you do not have "Third Party Status" which can only be given to you by the seller/owner of the property via written document. I say wait and see what happens, it has only been 60 days, Ocwen typically takes 3-4 months to approve a short sale with one lien...
My agent does short sales all the time, but he's my buying agent. I was only looking for a forwarded e-mail or something that showed that they actually sent Owen the application, but this gives me hope. Thank you!
You won't be able to contact the bank for an update as you aren't authorized. Typically only escalation contacts at Ocwen can send email correspondences. It is possible they don't have any escalation contacts. In that case there likely has been automated letters generated and emailed to the seller regarding the short sale review or faxes sent out too.
310-564-6389
Exactly, I know they have something. Even automated letters. I've bought short sales before and they kept us up to date with everything. Is there any reason they would refuse to disclose this information?
here's another possible solution Have your agent send a letter to OCWEN's email Use [email protected]
have your agent pull title report as ir may show the Loan # if not just include the name of the seller and address They will find the loan. State in the letter that the listing agent is not responding to you and that you are asking OCWEN to advise the listing agent to communicate with your agent. Tell them that you will cancel the contract if the listing agent does not respond
Tony Morales
TM Short Sales Consulting
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.